Today's Internet Protocol (IP) networks mostly work as one-class, best-effort networks. As these networks evolve to Quality of Service (QoS)-enabled, multi-class, application-aware networks, bandwidth management will be one of the crucial resource management mechanisms to insure each application a fair share of bandwidth, especially at congestion points. There are several products, called bandwidth managers or packet shapers, that offer such a mechanism at the access points to or from the Wide Area Network (WAN). In particular, one such scheme, Class Based Queuing (CBQ), has gained significant popularity after being implemented in real bandwidth management products such as Xedia's Access Point® to guarantee bandwidth for applications and provide Quality of Service differentiation. Products offering CBQ are widely available and are being deployed in the field to guarantee bandwidth for real-time and other business-critical applications (e.g., voice, e-transactions). However, a challenging problem in putting these products into practical use is the need to configure them in a way that will match the needs of the particular site and links, whose bandwidth is allocated. There is a need for a method and device that dynamically provide real-time allocation of bandwidth for real-time and non-real-time applications based on measurements, thus enabling the use of bandwidth managers without the administrative burden of manual configuration and update.